President Trump announced a new trade deal with the European Union on Friday that will nearly triple the amount of U.S. beef exported to Europe in the coming years.
"Our beef farmers, we didn't think were being treated fair, but the European Union stepped up and we appreciate it," Trump said at a signing ceremony in the White House's Roosevelt Room.
Under the agreement, the EU will establish a 35,000-ton annual duty-free quota for beef imports exclusively from the U.S. The quota will initially start at 18,500 tons and be increased over a seven year period.
The hike in U.S. beef exports to the EU — currently around 13,000 tons annually — will boost the industry's sales in Europe from $150 million to $420 million a year, according to U.S. Trade Representative estimates.
"Today is about delivering real, positive tangible results in the transatlantic trade relationship — the strongest, biggest trade relations in the world," Stavros Lambrinidis, the EU Ambassador in Washington, said at the signing ceremony. "The is a great day for American farmers. This is a great day for European consumers."
The deal, however, still requires approval from the European Parliament.
"Opening markets to our farmers is about more than just an industry, it is about a way of life," Trump added, speaking alongside other U.S. and EU trade officials, as well as, several cowboy hat-wearing cattle ranchers and industry representatives.
The deal comes just over a year since Trump and President of the European Commission Jean-Claude Juncker signed a Joint Statement pledging to solidify trade relations, which topped $1.3 trillion in 2018, though tariff-free agreements.
"For many years it has been difficult for us to sell our high-quality U.S. beef to European consumers because of the restrictive tariff and non-tariff barriers," Jennifer Houston, president of the National Cattlemen's Beef Association, said in a statement praising the deal. "It is exciting to know that European families will enjoy more of the delicious U.S. beef that we feed our families."
U.S. Trade Representative Robert Lighthizer also spoke at the signing ceremony, praising the guaranteed market share U.S. ranchers will have in Europe and urging the European lawmakers to quickly approve the deal.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
